Thursday, Bristow Group, Inc. (BRS), a provider of helicopter services to offshore energy industry, reported a lower profit for its fourth quarter despite a 6% rise in revenue, negatively impacted by the strengthening of the US dollar against certain foreign currencies.
The Houston, Texas-based company's fourth-quarter net income available to common shareholders decreased to $23.12 million or $0.74 per share from $24.06 million or $0.89 per share a year ago.
On average, nine analysts polled by Thomson Reuters estimated earnings of $0.64 per share for the quarter. Analysts' estimates typically exclude special items.
Income from continuing operations was $26.3 million for the quarter, unchanged from the previous-year quarter. On a per share basis, earnings from continuing operations decreased to $0.74 from $0.86 in the prior-year quarter.
Operating income for the quarter increased 28% to $42.9 million from $33.5 million last year.
Bristow noted that the changes in foreign currency exchange rates led to a decrease in operating income of $6.3 million, income from continuing operations of $4.9 million and earnings per share of $0.14.
Excluding the forex impact, earnings per share from continuing operations for the fourth quarter would have been $0.88, the company said.
Revenue for the quarter climbed 6% to $275 million from $260.26 million in the previous-year quarter. Analysts expected revenue of $279.81 million for the quarter.
Segment wise, operating revenue from non-affiliates increased to $237.91million from $226.33 million in the year-ago quarter. Operating revenue from affiliates rose to $12.41 million from $11.22 million last year. Reimbursable revenue from non-affiliates improved to $23.41 million from $21.25 million in the similar quarter last year. Reimbursable revenue from non-affiliates dropped to $1.27 million from $1.49 million in the same quarter last year.
Provision for income taxes for the quarter increased to $14.25 million from $4.49 million in the comparable quarter last year.
For the full year, the company reported a rise in net income available to common stockholders to $111.66 million or $3.60 per share from $91.34 million or $3.41 per share last year. Revenue increased 12% to $1.13 billion from $1.01 billion a year ago.
BRS is currently trading at $25.62, down 7.91% on a volume of 338 thousand shares on the NYSE.
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